Rio2 Limited celebrates official start of construction at Fenix Gold Mine

Atacama Region Welcomes Major Gold Mining Investment

Rio2 Limited (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) has officially commenced construction of its Fenix Gold Mine, a major gold mining project located in the Maricunga Gold Belt of Chile’s Atacama Region. 

The project’s construction restarted in October 2024 after securing a debt and equity financing package, as announced on October 29, 2024. The estimated capital expenditure (CAPEX) for 2025 is set at USD 122 million (excluding refundable Chilean VAT tax), with an anticipated completion date of November 2025. The first gold production is scheduled for January 2026.

Fenix Gold Project: A Key Asset in Chilean Mining

The Fenix Gold Project is one of the largest undeveloped gold oxide, heap leach projects in the Americas. With a Measured and Indicated mineral resource of 4.8 million ounces of gold (as per National Instrument 43-101 standards), Rio2 anticipates significant economic and social contributions to both the Atacama Region and Chile’s mining sector.

Designed as a modern and sustainable mining operation, the Fenix Gold Project integrates technical, environmental, and social best practices. The total projected investment of USD 235 million (including sustaining capital) underscores the commitment of Rio2 to responsible mining and economic growth.

Economic and Employment Impact

The project will create approximately 1,200 jobs during the construction phase and sustain 550 permanent jobs over the mine’s expected 17-year operational lifespan. Additionally, the mine's run-of-mine heap leach operation eliminates the need for crushing and tailings storage facilities, minimizing environmental impact and reducing the overall footprint.

Boosting Chile’s Gold Mining Industry

The launch of the Fenix Gold Mine reaffirms Chile’s position as a leading destination for mining investment. With strong government support and engagement from indigenous communities and industry stakeholders, the project is poised to bring long-term economic benefits while maintaining a commitment to sustainability and environmental stewardship.